On March 31, 2022, Allied Properties Real Estate Investment Trust completed the acquisition of six urban office properties from Choice Properties Real Estate Investment Trust, expanding its operating capability in Montréal, Toronto and Vancouver.

Allied paid $594 million of the purchase price by issuing 11,809,145 Class B LP Units of a subsidiary limited partnership at $50.30 per unit, with each Class B Unit accompanied by one non-participating special voting unit of Allied. The Class B Units are exchangeable for units of Allied on a one-to-one basis and are subject to certain lock-up and standstill provisions. The balance of the purchase price was paid by the issuance of a $200 million promissory note for the term expiring on December 31, 2023 and bearing interest at 1 percent per year in 2022 and 2 percent per year in 2023, payable quarterly in arrears.

Aird & Berlis LLP represented Allied with a team comprised of Margaret T. Nelligan, Melanie Cole, Marek Lorenc, Amy Marcen-Gaudaur and Meredith McCann (corporate and securities), Mike Smith, Leonard Baranek, Kyle Genga, Ethan Eisen and Rachel Rice (real estate), Barb Worndl and Angelo Gentile (tax) and Aaron Collins and Jonathan Yantzi (financial services).

Torys LLP represented Choice with a team comprised of Michael Zackheim, Adrienne DiPaolo and Michael Murphy (corporate and securities) and Rose Bailey, Christine Innes, Michael Coleman and Tristan McLeod (real estate).